How the 80/20 Rule Can Help Your Everyday Life...

Tuesday

Nov 13, 2012 at 10:38 PMNov 13, 2012 at 10:39 PM

Juggling is fun, but let’s face it…it gets old. We live in a multi-tasking, “that was due yesterday”, fast-paced world. Prioritizing and making the most of your valuable time is an asset to everyone, no matter what your role in life may be.

Over 10 years ago, when I was just a baby bird in the professional world, my mentor (who is still my mentor to this day) would spout out something about an 80/20 rule during all of our team meetings. “You have to follow the 80/20 rule,” she’d say with authority, “it always goes back to the 80/20 rule.” I kind-of picked up on the general idea of this concept at the time, but it wasn’t until recently that I truly grasped the meaning and found myself referencing it to co-workers and team members (maybe even to my kids.)

So what exactly is this prized rule all about? The formal name, Pareto’s Principle-The 80/20 Rule, is simple and easy to apply to your everyday professional life, home life, and so on. The Rule states: “Focus 80 percent of your time and energy on the 20 percent of your work that is really important. Don't just ‘work smart’, work smart on the right things!”

The principle or “formula” came from Italian economist Vilfredo Pareto in the early 1900’s. Pareto created a mathematical formula to describe the unequal distribution of wealth in his country. The 80/20 Rule means that in anything a few (20 percent) are vital and many (80 percent) are trivial. In Pareto's case it meant 20 percent of the people owned 80 percent of the wealth.

The Principle goes on to state, “When the fire drills of the day begin to sap your time, remind yourself of the 20 percent you need to focus on. If something in the schedule has to slip, if something isn't going to get done, make sure it's not part of that 20 percent.”

You can apply the 80/20 Rule to almost anything, from the science of management to the physical world. Try taking a look at your day-to-day responsibilities, your management style (both in the office and in the home), and pause to ponder the 80/20 rule.

Pareto, I’m assuming, made a few enemies with his theory. Like any rule, this too is not flawless. Use wisely and cautiously, but most importantly, enjoy trying, and applying, a new theory in your everyday life.